Expense and Budget Tracking

When it comes to senior living and retirement, financial planning takes on a whole new sense of importance. As seniors mostly live off of social security, pensions, or investments, budgeting and expense tracking become integral parts of everyday life. Things as simple as going out to eat, going on a shopping spree or taking a vacation may all be too expensive when piled on top of living expenses unless steps towards money management have been taken. Budget tracking or personal expense tracking are two ways to help maintain the lifestyle that seniors have become accustomed to during their lifetimes, providing budgeting tools to track your income and expenses.

How Can Budget Tracking Help

There are many different types of budget tracking programs, such as those developed by Help Unlimited’s Daily Money Managers, that are designed to help busy professionals as well as seniors manage and monitor their financial responsibilities. When budgeting, financial areas such as housing, repairs, food, dining out, personal care, medical expenses, insurance, taxes, home care, and other miscellaneous expenses are all taken into consideration. A professional financial assistant then creates a budget to allot for all areas, as well as helping to maintain a personal expenses tracker and emergency fund.

By creating a budget and spending plan, Help Unlimited is able to alleviate concern and provides peace of mind for seniors and busy professionals when it comes to paying their daily and monthly expenses. A budget tracker and personal expense tracker managed by a professional also enables individuals to have a sense of independence with their income and expenses. It ensures that they are able to pursue the freedoms of what they love for as long as they are financially able. Things like taking part in familiar hobbies and activities, making charitable donations to organizations they support, and giving gifts to loved ones can make a senior feel a comforting sense of independence.

How to Use a Budget Tracker from a Daily Money Management Program

Essentially, a DMM can be considered as a personal money assistant. Their budgeting tool is able to analyze your monthly income, categorize areas of overspending, and provide a budgeting process that is easy and simple from month to month. Some areas that a DMM can assist in financial responsibility include:

  • Expense Tracking
  • Budget Counseling
  • Checkbook Balancing
  • Spending Analysis
  • Savings Goal Management

A professional money manager can not only keep an eye on your assets, but also prevent you from making money missteps, help you understand complicated bills, as well as helping to guard against identity theft, money scams, or other signs of abuse or fraud.

Choose the Best Daily Money Managers for Budget Tracking

There are no direct governing bodies over daily money managing programs and professionals, so it is important to do your research when picking the best daily money management program. A trustworthy and quality-driven money professional can help relieve stress, manage your money, and provide great financial freedom.

It is important to do your homework before settling on a provider. Here are some tips to ensure that you choose the best money manager possible:

Get referrals. The best way to find quality professionals is to ask your network for referrals. Family and friends who have had a good experience with a money professional can pass on good information. Local elderly assistance agencies will also often have a list of trusted, qualified professionals that they refer out to their network. Or, the American Association of Daily Money Managers (AADMM) can provide a list of certified DMM’s in your area.

Conduct Interviews. Once you have narrowed your list down, visit their locations or conduct a phone call. Once in contact, have a list of questions ready. Questions may include what services they provide, the fees associated, training and internal management required, certifications or professional affiliations, and whatever other questions make sense for your situation.

Check for Insurance Coverage. It is important to see if the companies you are interested in have any type of insurance coverage and if it is bonded. If at some point during your contract together something goes wrong, their insurance coverage and bonded status can inform you on what sort of protection you have.

Check References. Many daily money management companies readily have a list of references and case studies available to help put families at ease. If you cannot find this information, ask for a list of references to be able to back up their claims.

Help Unlimited’s Budget Tracking and Personal Expense Tracking

As experts in daily money management, personal budget tracking, and personal expense tracking, the professionals at Help Unlimited are here to tackle and overcome any financial concerns you may have. Let us keep track of your monthly budget, financial goals, and personal capital today. If you are interested in discussing your personal finance situation and want to see what paths are available to you, contact us to schedule a phone call today!

Testimonials

I call Amanda my ‘person who gets things done’. When I first met her, my husband had just passed away and I couldn’t face all the bills and forms that started to pile up on my desk. We tackled the paperwork together. She helped me prioritize tasks and get everything tidy and properly managed. Now we have out twice-a-month routine. I set everything aside for her and we take care of things when she comes. It’s such a relief to know I have her in my corner!”

Dorothy V.  |  View More Testimonials »

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